Maya & IBPAP To Unlock Financial Access for 1.9 Million Philippine Digital Workers

The IT and Business Process Association of the Philippines (IBPAP) has partnered with digital financial services provider Maya to improve banking access for nearly 1.9 million digital workers.

The initiative aims to provide these employees with formal savings accounts and responsibly issued credit cards.

The IT-BPM industry contributes approximately 8% to the national GDP and generates over US$40 billion annually.

Despite earning steady incomes, the sector’s predominantly young workforce often remains excluded from traditional banking systems due to limited credit histories.

Consequently, many workers struggle to secure formal credit products, pushing them towards informal or high-cost lending options.

To address this, the collaboration focuses on establishing formal credit footprints for qualified individuals.

IBPAP President Jack Madrid linked the initiative to the sector’s overall health, stating that financial resilience is directly linked to workforce stability and industry competitiveness.

He added,

Echoing this, Maya Bank President Angelo Madrid emphasised that the goal is not to increase debt indiscriminately, but rather to expand access to tools that build stability and long-term opportunity.

Beyond individual financial health, the two organisations are exploring ways to modernise payroll, disbursement, and reimbursement processes for IT-BPM employers.

The Bangko Sentral ng Pilipinas backs the programme, aligning it with national goals for financial inclusion and digital transformation.

Featured image: Edited by Fintech News Philippines based on an image by Frolopiaton Palm via Freepik.

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